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Building modular duplexes? - Posted by Craig
Posted by Craig on April 15, 2004 at 18:32:29:
Hello,
My partner and I are considering building modular duplexes on land that we scrape. We have experience in SFH rentals and renovations (fix and flips), but have zero experience with new construction. As it stands now, we would look to sell the first duplex and cash out, but would consider holding future homes for rentals.
We have done a fair amount of research and talked with professionals in the industry - GCs, lenders, zoning dept, modular builders, subs, etc. Following are the numbers we put together for the strategy. Are we missing anything?
Duplex
Sale Price Per Unit $195,000
Interest Rate (int only) 8.5%
Finished Sq Ft (Incl Basement) 1,700
Down Payment $68,788
Loan Amount $206,363
Acquisition and Build
Purchase Property $115,000
Scrape $10,000
Excavating $7,000
Foundation $20,000
Basement Slab ($2.50/ft) $4,250
Water/Sewer $7,000
Gas and Power $500
Permits $1,000
Modular @ $42/ft $71,400
Finish Basement @ $20/ft $34,000
GC FEE $5,000
Total Acquisition and Build $275,150
Financing Costs
2.5 points $6,879
Monthly Payments (by # of mo’s) $8,770
Total Financing Costs $15,649
Selling Costs
Marketing $1,000
Agent COOP $10,920
Total Selling Costs $11,920
Total Revenue $390,000
Total Costs $302,719
Total Profit $87,281
Re: Building modular duplexes? - Posted by Edward Lundy
Posted by Edward Lundy on August 16, 2004 at 23:26:11:
fioricet In the next world, you’re on your own.
Re: Building modular duplexes? - Posted by ray@lcorn
Posted by ray@lcorn on April 17, 2004 at 16:44:57:
Craig,
The things that jump out as missing are landscaping, driveway finish (if any), decks or patios. The GC fee seems very low, but that may be your market. Not sure what is included in the $5,000 or the $42 psf figures, but there is a substantial degree of interior and exterior finish required to complete the structure. If your GC is handling this make sure he understands that the plumbing is only through the floor and the wiring must be tied in from the service meter. All finish materials for the the marriage walls must be completed, and there are generally cracks in the drywall arouind windows and doors that must be repaired after setting the units on the foundation.
With modulars it is imperative that the foundation be built to the manufacturers specs. Make sure the foundation contractor understands this and is willing to work within very tight tolerances for square and level. It is also critical that you have all sub-contractors lined up prior to the delivery of the boxes. Delays from one will hold up the next, and time is the only source of savings over stick built construction.
ray